ROCKLAND -Rockland Trust Company has entered into an agreement to take over Blue Hill Bancorp, which owns Nantucket Bank.
The transaction would result in Rockland Trust having over 11 billion in assets and the largest Massachusetts deposit share and branch presence of any bank headquartered in the state.
The company announced that it would keep its three branches on Nantucket open and would operate under the name of Nantucket Bank.
Rockland Trust and Blue Hills anticipate the deal will close in the first half of 2019. Rockland Trust also recently acquired Milford National Bank and Trust Company, that merger is expected to be complete before the end of this year.
In 2017 Rockland Trust expanded its presence on the islands with the acquisition of The Edgartown National Bank which operates on both islands and has the biggest deposit market share in Nantucket County.
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